Do I Have to File an Ohio S Corp Return?

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Income Thresholds for Filing Ohio Tax Return

  • As of the 2020 tax year, the income threshold for filing a tax return in Ohio varies based on filing status.
  • Single: $10,850 or more.
  • Head of Household: $16,275.
  • Married Filing Jointly: $21,700.
  • Married Filing Separately: $10,850.

Ohio Tax Filing Requirements

  • Residents and individuals earning income in Ohio must file a state income tax return.
  • Full-year nonresidents living in a border state with wages from an unrelated employer are exempt from filing.
  • Exceptions: AGI <= $0, certain tax credits exceed tax liability, and no school district tax liability.

Filing Procedures

  • Filing your return: If IT 1040 shows a refund, mail it to the Ohio Department of Taxation.
  • S-Corp Filing: Use IRS form 1120-S.
  • Closure of Business in Ohio: Submit form D5 once final return and payment are made.

Miscellaneous Ohio Tax Information

  • Ohio State Income Tax Rates:
    • Progressive rates ranging from 0% to 3.99% as of 2023.
  • W-4 Form and Tax Withholding:
    • Provide updated IT 4 to employer; multiply wages for withholding calculation.
  • Military Personnel Tax Status:
    • Residents and nonresidents’ obligations and exemptions for state and school district taxes.

Income Tax Credit and Payment Procedures

  • Payments and Refunds:
    • Ohio source income requires state return filing.
    • Refund or overpayment credited to the next year involves mailing the return to the specified address.

Filing Forms and Requirements

  • Obligations for S Corps, trusts, corporations, and individuals.
  • Detailed procedures for completing W-4 and IT 4 forms.
  • Dealing with changes in marital status or dependents for tax purposes.
  • Procedures for filing and paying taxes accurately and timely, including school district taxes.

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